In a previous analysis we noted the inverted head and shoulders pattern in Bitcoin. Price has broken above the neckline resistance at $51,700 and is now trading around $56,600. As we explained in our previous post, now that the pattern is activated, first target is at $60,150.
Green lines - inverted head and shoulders pattern.
Price is making higher highs and higher lows. As long as price is above the low of the right hand shoulder then trend will remain bullish and we will continue to expect price to reach the first target just above $60K. A pull back towards $53,000 or even the neckline at $,52,00-$51,700 is not out of the question. Such a back test is welcomed by bulls in order to gain stronger momentum for a move even higher.
